Kestra Private Wealth Services LLC Acquires 1,254 Shares of Cummins Inc. (NYSE:CMI)

Kestra Private Wealth Services LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 28.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 5,711 shares of the company’s stock after purchasing an additional 1,254 shares during the period. Kestra Private Wealth Services LLC’s holdings in Cummins were worth $1,991,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Cummins during the third quarter worth approximately $32,000. Friedenthal Financial acquired a new stake in Cummins during the fourth quarter worth approximately $55,000. Ashton Thomas Securities LLC acquired a new stake in Cummins during the third quarter worth approximately $55,000. Finally, Bangor Savings Bank lifted its position in Cummins by 24.6% during the fourth quarter. Bangor Savings Bank now owns 177 shares of the company’s stock worth $62,000 after acquiring an additional 35 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.4 %

Shares of CMI opened at $372.38 on Wednesday. Cummins Inc. has a one year low of $250.90 and a one year high of $387.90. The company has a market cap of $51.08 billion, a P/E ratio of 13.22, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $361.74 and a two-hundred day simple moving average of $337.16.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 earnings per share. Research analysts forecast that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.96%. Cummins’s payout ratio is presently 25.84%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research report on Wednesday, November 6th. Finally, Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $383.08.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.